Bitcoin Investment Fund Opens Doors to EU Citizenship
A new investment fund is now offering Bitcoin holders a chance to become European Union (EU) citizens through Portugal’s golden visa program. This opportunity has been introduced by Alessandro Palombo, the co-founder and CEO of Unbound Fund.
Portuguese Citizenship Through Bitcoin Investment
In a recent post, Alessandro Palombo announced that their fund is the first to allow investors to gain Portuguese citizenship by investing in Bitcoin (BTC). According to Palombo, this unique opportunity is possible through Portugal’s Golden Residence Permit Program.
Investing in Bitcoin for EU Citizenship
To qualify for this program, investors need to indirectly hold Bitcoin worth 500,000 euros (about $542,000) through the Unbound Fund. This investment will make them eligible for the Portugal Golden Residence Permit Program. This program is a five-year residence-by-investment program designed for non-EU nationals.
How the Fund Works
Palombo explained that the fund invests in companies that have a 100% passive Bitcoin holding strategy. This means the fund is not trying to time the markets to sell BTC. Additionally, the fund will invest in BlackRock exchange-traded funds (ETFs) to ensure security and simplicity.
Palombo’s Vision for Bitcoin and Freedom
Palombo believes that using Bitcoin as a tool for gaining freedom of movement is mutually beneficial for both the investors and Portugal. He has chosen to live in Portugal with his family and thinks the European citizen-by-investment program is the best for technical and strategic reasons.
Current Success and Future Plans
Palombo mentioned that the fund has already onboarded several customers and is in talks with complementary teams to expand their services.
Bitcoin Price Surge
On July 22, Bitcoin’s price reached its highest level in 40 days, peaking at $68,518 on some platforms. Analysts attribute this nearly 20% increase in 10 days to the end of the German government’s Bitcoin sell-off and growing confidence in the US Federal Reserve cutting interest rates in 2024.
The Portugal Golden Residence Permit Program
The Portugal Golden Residence Permit Program, often called the Portugal Golden Visa Program, is a five-year residence-by-investment program for non-EU nationals. This program allows investors to live, work, and study in Portugal and move freely within Europe’s Schengen Area.
Benefits of the Portuguese Golden Visa
- Visa-free travel: Allows visa-free travel in Europe’s Schengen Area.
- Work and Study: Gives the right to live, work, and study in Portugal.
- Citizenship Eligibility: Investors can apply for citizenship after five years as legal residents while keeping their other citizenships.
- Low Physical Presence Requirement: Only requires an average of seven days per year stay in Portugal over this period.
- High Quality of Life: Portugal offers excellent international and Portuguese schools and universities, local cuisine, a mild climate, rich culture, and high-level security.
- Healthcare: Provides access to international quality healthcare clinics and hospitals.
Requirements for the Portugal Golden Visa
Applicants can choose from several investment options in different categories:
Capital Transfer Options
- Investment Fund or Venture Capital: Invest 500,000 euros in a fund dedicated to the capitalization of Portuguese companies with a five-year maturity and at least 60% of the investment portfolio in companies headquartered in Portugal.
- Scientific Research: Invest 500,000 euros in public or private research activities within Portugal’s national scientific and technological system.
- Low Population Density Area: Invest 400,000 euros in a low population density area.
- Cultural Support: Invest 250,000 euros in artistic production or the recovery/maintenance of national cultural heritage.
- Low Population Density Cultural Support: Invest 200,000 euros in cultural projects within a low population density area.
Business Investment Options
- Job Creation: Create a minimum of ten new jobs or eight new jobs in a low population density area.
- Commercial Company Incorporation: Invest 500,000 euros in setting up a commercial company in Portugal that creates at least five permanent jobs for three years or increases the share capital of an existing company, maintaining at least ten jobs for three years.
Low Population Density Area Definition
A low population density area in Portugal is defined as having less than 100 inhabitants per square kilometer or a GDP per capita below 75% of the national average.
Procedures and Time Frame for the Golden Visa
After receiving the residence permit, applicants must provide biometric data and updated original documents at each renewal. The initial permit is typically issued for one year but has been extended to two years due to the Covid-19 pandemic. Subsequent renewals are for two-year periods.
Application Process
The application process involves two trips to Portugal:
- Initial Trip: To choose the qualifying investment, start the legal process, and open a bank account.
- Second Trip: To provide biometric data and original documents.
The entire process to acquire a Portuguese residence permit through investment can take over 18 months.
Why Choose Portugal for Bitcoin Investment?
Portugal is an attractive destination for Bitcoin investment due to its favorable climate, rich culture, and strategic location in Europe. The country offers a high quality of life with excellent education and healthcare systems. The Golden Visa Program also provides a pathway to EU citizenship, making it a desirable option for investors looking to expand their opportunities in Europe.
Conclusion
The Unbound Fund, led by Alessandro Palombo, offers a groundbreaking opportunity for Bitcoin holders to gain EU citizenship through Portugal’s golden visa program. By investing in Bitcoin and meeting the program’s requirements, investors can enjoy the benefits of living, working, and traveling freely within the European Union. With the rising value of Bitcoin and the strategic advantages of the Portuguese Golden Visa Program, this initiative presents a unique and attractive investment avenue for non-EU nationals.
